The Warhol Market

The Economist has a good article on Andy Warhol and the market for his art. The article covers some of his more important and most collectible works and also discusses the second level Warhol items such as prints and licensing agreements. The article states that Wahol's oeuvre consists of nearly 10,000 works created between 1961 and his death at age 58 in 1987.

As many appraisers see Warhol reproductions, or get the phone call from a collector claiming to have an original Warhol, the article serves as an excellent, yet short overview of the Warhol market.  Well worth reading.

The Warhol market is considered the bellwether of post-war and contemporary art for many reasons, including its size and range, its emblematic transactions and the artist’s reputation as a trendsetter. Since 2002 Warhol has consistently been one of the three most traded artists. In 2007, at the height of the boom, auction sales of his work added up to $428m, the highest turnover of any artist. In the past two years the figures have dropped steeply and the prolific Picasso has returned to the top spot (see chart 5), but nobody seems too worried. Alberto Mugrabi, whose family owns some 800 Warhol works, notes that “two years ago we were selling ten Warhols a month, now we’re selling two a month, but we’re selling them for the same price. Either we get our price or we don’t sell the painting.” The market appears to agree that prices for the best Warhols are recession-proof. Earlier this month a 1962 work, “200 One Dollar Bills”, sold for $43.8m, the second-highest price for a Warhol at auction.

“Warhol really consists of two markets,” explains Brett Gorvy, co-head of Christie’s contemporary-art department. “One market chases ultra-rare, art-historically relevant paintings from the 1960s. The other is a perfect volume market where 24-inch Flowers and single Jackies trade like any other commodity.” Behind Warhol’s fine-art market lies an active trade in limited-edition prints and, beyond that, a range of consumer goods that are licensed to use Warhol images.

 To read the Economist article, click HERE.